Solve the problem. Round to the nearest cent.A carpenter spent $5500 to purchase a table saw , a circular saw, and a panel saw. He paid  down and financed the balance with a  fixed installment loan with an APR of   Determine the monthly payment for the loan and amount of interest paid.

A. Monthly payment = $176.63; Interest paid = $898.92
B. Monthly payment = $157.31; Interest paid = $319.44
C. Monthly payment = $215.71; Interest paid = $971.30
D. Monthly payment = $156.33; Interest paid =$289.90


Answer: D

Mathematics

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